Medigap plans and Medicare Advantage plans are two different products.
- Medicare Advantage is a type of plan that is another choice for Medicare coverage.
- Medigap is a policy that supplements or bridges any coverage gaps with Original Medicare.
It’s important to know you can’t sign up for both Medicare Advantage and Medigap.
Key facts about Medigap
- All Medigap policies offer the same benefits. The only variable is price. All benefits are standardized.
- Medigap is sold by private companies.
- Medigap helps cover deductibles, copayments and coinsurance.
- With Medigap, a big advantage is that consumers can use any doctor or hospital that accepts Medicare. This isn’t true for Medicare Advantage plans.
- Medigap usually pays the difference between total healthcare costs and the Medicare-approved amount.
- Medigap is sold by any licensed insurance carrier.
- Medigap may be more flexible for those who travel often.
Key facts about Medicare Advantage
- Medicare Advantage plans are sold by private companies.
- These plans have networks of doctors and hospitals. To get the lowest price, you must access in-network providers.
- While networks may be a requirement, the plan networks may be extensive in certain areas, allowing for plenty of options.
- Medicare Advantage may be more affordable than a supplemental Medigap plan.
Key times to shop for plans
Medigap
The Medigap open enrollment period is unique to each person because it’s tied to the time around the 65th birthday. Enrollment starts the first month with Medicare Part B or on the 65th birthday and lasts for six months.
During this time, companies can’t consider any current health or medical history or deny coverage based on health. Outside of this period, you may be subject to higher costs or denials.
Medicare Advantage
Initial enrollment – The 65th month birthday and three months before and after that month
Medicare plan changes – Open enrollment is Oct. 15 to Dec. 7 each year
Medicare Advantage - Open enrollment is Jan. 1 to March 31 each year
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